26 December 2014
An HUF can receive gift in excess of Rs. 50000/- only from its members who will be relatives as per income tax act. If father of Karta is not a member of HUF then the father will be non relative to the HUF and hence entire amount of gift will be liable to be taxed in the hands of HUF.
26 December 2014
Agree with Mr. Abhishek Opinion, as father of Karta in not member of the HUF, therefore, it will not comes under the definition of relative. Rs. 2 lacs will be treated as Income of the HUF within section 56(2)(vii).
Further, There will be no clubbing provision in hand of payer.
01 January 2015
Thanks for the reply But sir please also tell me that from whom HUF can receive gift & of what amount so that no clubbing provisions are there
02 January 2015
HUF or any other person can take cash gift upto Rs. 50,000/- per year from person other relative. For relatives there is no restriction.
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